U.S. corporations have floated stocks and bonds in unprecedented amounts in the last year. How much have corporate treasurers reduced their firms' interest payments through such refinancing? After assessing the motives for refinancing, the authors estimate the aggregate interest savings achieved...

How should high average initial returns on new public offerings of common stocks be interpreted? The usual view is that such offerings are intentionally underpriced. This study draws on previously neglected information about return distributions and market practice to advance a different...